Interest rates may be edging up but it's still highly unlikely you'll get much more than 1 per cent from a bank savings account.

So where do you put any spare cash you have if you want to get a good return?

Remember, nothing is guaranteed and any investment could end up losing you money.

But here are some things to take into account when making that decision.

Clear away any financial clutter

Tidying up your finances will make life easier.

If you have built up several pensions, ISA accounts and a handful of individual shares over the years, you may either have a complex filing system or little idea about what you have.

Dig out the paperwork on your old pensions, check whether there are any valuable guarantees or expensive penalties for switching.

If you're free to switch, consider whether it may be worth moving them into a single, more modern pension, which may be cheaper and have more investment options.

Consider giving up what you don't love ahead of what you do

The small luxuries in life, such as morning coffees and after-work takeaways, may be the obvious candidates for the chop in your new, healthier financial regime.

But, if they are a great source of joy, losing them will be a constant, ongoing battle - increasing your chances of failure.

(Image: Kirsty Wigglesworth/PA)

Before you give up the things you love, it makes far more sense to give up what you don't - like paying more than you need to for utilities, or buying expensive grocery brands.

See if you could pay less simply by shopping around.

Divide your cash up into smaller portions and build a savings portfolio

It is wise to keep around up to six months of expenses in easy access accounts as an emergency fund.

Once you have that in place, for periods of between one and five years, you may want to consider looking at fixed rate bonds - which could potentially offer higher rates in return for tying your money up.

If you're saving for a longer-term goal, consider whether your time horizon and appetite for risk means some of your money could be moved into share-based investments.

Your capital will be at risk but this potentially has more opportunity for growth than cash when you are investing for five to ten years or more.

Treat yourself to a financial makeover

You may be too cash strapped for much of a social life after Christmas but, while you're cooped up indoors, this could be a great opportunity to take stock of your financial life.